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"Schools" means incorporated nonstock educational institutions, |
| including institutions empowered to confer educational, literary or |
| academic degrees, that have a regular faculty, curriculum and |
| organized body of pupils or students in attendance throughout the |
| usual school year and that keep and furnish to students and others |
| records required and accepted for entrance to schools of secondary, |
| collegiate or graduate rank, no part of the net earnings of which |
| inures to the benefit of any individual. |
